Tables 1-4: Network Revenues, Expenses, and Distributions

Tables 1 through 4 set forth the Networks' revenues, expenses, and distributions to their participant SROs. The four Networks are responsible for receiving market information from their SRO participants, consolidating the information, and distributing it to vendors, broker-dealers, and other subscribers. The Networks' administrators and processors perform most of these functions, and their costs are defined in the Plans as "operating expenses" that may be deducted from Network revenues prior to any distribution to participants. The following costs are not included in the Networks' operating expenses: (1) the costs incurred by the SROs in collecting their market information and reporting it to the Network processors, and (2) the costs associated with the SROs' market surveillance function.

Table 1-Network A Revenues, Expenses, and Distributions ($ = thousands)
For the years ended December 31,	1980	1985	1990	1995	2000
Revenues:
Professional Subscribers	$13,771	$35,852	$56,233	$83,294	$133,553
Nonprofessional Subscribers	--	176	511	960	9,473
Per Query	--	--	8	1,172	20,937
Cable TV	--	--	--	--	2,554
Access Fees	199	535	606	4,315	11,471
Program Application Fees	122	360	757	1,684	3,563
Ticker Network Charges	5,511	10,520	3,284	2,287	73
Total Revenues	19,603	47,443	61,399	93,712	181,624
Expenses:
Processor Costs	3,036	2,298	3,418	5,126	7,047
Ticker Network	2,466	6,644	2,048	1,924	--
NYSE Allocated Support Costs	1,385	5,071	4,616	5,095	9,800
Taxes and Other	1,282	(19)	1,125	971	49
Total Operating Expenses	8,169	13,994	11,207	13,116	16,896
Net Income Available for Distribution	11,434	33,449	50,192	80,596	164,728
Distributions:
NYSE	9,884	25,123	33,678	57,277	123,027
NASD	79	551	4,166	8,434	17,531
CHX	382	2,646	4,743	4,017	9,377
PCX	571	3,085	3,976	4,166	3,852
BSE	82	704	1,841	1,965	5,067
CSE	66	102	308	3,062	4,082
Phlx	370	1,238	1,480	1,675	1,791
CBOE	--	--	--	--	1

Table 2-Network B Revenues, Expenses, and Distributions ($ = thousands)
For the years ended December 31,	1980	1985	1990	1995	2000
Revenues:
Professional Subscribers	$13,982	$34,433	$48,396	$70,837	$112,924
Nonprofessional Subscribers	--	79	277	456	8,409
Cable TV	--	--	--	--	250
Tickers	--	4,923	2,027	2,023	1,583
Computer Program Charges	--	--	--	1,147	1,092
Indirect Access Charges	--	71	268	512	1,213
Other	--	20	229	83	--
Total Revenues	13,982	39,526	51,197	75,058	125,471
Expenses:
Data Processing Services	715	230	799	843	695
Ticker Network Expenses	1,290	3,623	577	511	198
Amex Allocated Support Costs	711	1,500	4,864	2,913	3,762
Total Operating Expenses	2,716	5,353	6,240	4,267	4,655
Unincorporated Business Taxes	41	171	383	--	--
Net Income Available for Distribution	11,224	34,002	44,574	70,791	120,815
Distributions:
Amex	10,727	28,833	35,301	57,546	71,638
CHX	25	857	3,726	3,794	20,355
NASD	65	696	1,774	4,524	19,445
PCX	341	2,203	2,465	2,336	1,824
BSE	22	200	751	1,111	2,972
Phlx	44	207	535	1,076	338
CSE	--	7	22	404	1,256
CBOE	--	--	--	--	85
DIAMONDS (revenue withheld)	--	--	--	--	2,901

Table 3-Nasdaq System Revenues, Expenses, and Distributions ($ = thousands)
For the years ended December 31,	1992	1994	1996	1998	2000
Revenues:
Professional:
Level 1/Last Sale	$38,400	$53,000	$64,500	$86,700	$98,000
NQDS	3,800	6,600	11,300	21,200	73,300
Nonprofessional Subscriber:
Level 1 Per Query1	--	--	--	13,500	44,400
Level 1 Non-pro Subscribers	--	--	--	4,700	13,900
NQDS Non-professional2	--	--	--	--	1,500
Level 1 Voice Response, Other	1,300	2,500	5,800	2,500	3,400
Total Revenue	43,500	62,100	81,700	128,500	234,500
Net Revenue Exclusions	--	--	10,726	12,285	18,212
Expenses:
Direct Expense	--	--	8,943	6,750	27,732
Indirect Expense	--	--	--	--	1,491
Net Income Available for Distribution	43,500	62,100	61,667	109,192	187,057
Distributions:
NASD Retention	43,500	61,946	61,417	108,773	183,551
CHX	--	100	250	419	3,505

Table 4-OPRA System Revenues, Expenses, and Distributions ($ = thousands)
For the years ended December 31,	1980	1985	1990	1995	2000
Revenues:
Professional Subscribers	$2,779	$6,712	$11,174	$27,357	$51,366
Nonprofessional Subscribers	--	10	211	624	3,813
Vendor Fees	--	--	--	1,533	1,866
Interest	43	47	56	110	240
Total Revenues	2,822	6,769	11,440	29,624	57,285
Expenses:
Administrative and Operating	197	309	1,388	1,327	2,244
Processing Costs	76	316	878	1,953	5,414
Total Operating Expenses	273	625	2,266	3,280	7,658
Net Income Available for Distribution	2,549	6,144	9,174	26,344	49,628
Distributions:
CBOE	1,376	3,659	5,241	14,043	22,041
Amex	699	1,336	1,904	5,609	15,147
Phlx	196	555	943	2,943	4,774
PCX	161	483	931	3,489	6,864
ISE	--	--	--	--	803
NYSE	--	112	156	260	--
CHX	54	--	--	--	--

Endnotes

¹ From 1992 to 1996, the Level 1 Per Query and Level 1 Non-Professional were included in Level 1 Voice Response.

² The NQDS Non-professional service began in August 2000.

http://www.sec.gov/divisions/marketreg/marketinfo/c.htm